PROCEEDINGS 


OF  THE 


MEETING  OF  STOCKHOLDERS 


OF  THE 


Cheraw  d  Darlington  Railroad  Co., 


HEI.D  ON 


NOVEMBER  22D,  1894. 


CHARLESTON,  S.  C. 

Walker,  Evans  &  Cogswell  Co.,  Printers, 

3  &  5  Broad  aud  117  East  Bay  Streets. 

1894. 


I 


PROCEEDINGS 


OF  THE 


MEETING  OF  STOCKHOLDERS 


OF  THE 


HELD  ON 


* 

NOVEMBER  22d,  1894. 


CHARLESTON,  S.  C. 

Walker,  Evans  &  Cogswell  Co.,  Printers, 

3  &  5  Broad  and  117  East  Bay  Streets. 

1894. 


OFFICERS  FOR  1894-’95 


GHERAW  &  DARLINGTON  RAILROAD  GO. 

ADMINISTRATIVE  DEPARTMENT. 

C.  8.  GADSDEN, 

President. 

H.  WALTERS, 

Vice-President. 


Board  of  Directors. 


W.  T.  Walters. 
B.  F.  Newcomer. 
J.  F.  Divine. 

IT.  D.  Malloy. 

* 


W.  G.  Elliott. 
W.  A.  Carrigan. 
J.  J.  Lucas. 

W.  C.  Coker. 


J.  H.  McIVER, 

Secretary  and  Treasurer. 


Executive  Department. 

J.  B.  Kenly  .  .  . 

John  F.  Divine 
T.  M.  Emerson 
W.  A.  Riach  . 


General  Manager. 
General  Superintendent. 
Traffic  Manager. 
General  Auditor. 


STOCKHOLDERS’  MEETING. 


At  the  regular  Annual  Meeting  of  the  Stockholders  of  the 
Cheraw  and  Darlington  Railroad  Company,  duly  called  and 
held  at  the  office  of  the  Company,  in  the  City  of  Florence, 
S.  C.,  on  Thursday,  the  22d  day  of  November,  1894. 

Mr.  Michael  Jenkins  was  called  to  the  Chair,  and  Mr.  W. 
A.  Riach  made  Secretary. 

On  motion,  duly  made  and  seconded,  Mr.  W.  G.  Elliott 
and  the  Secretary  were  appointed  a  committee  to  ascertain 
and  report  to  the  meeting  how  many  shares  of  the  capital 
stock  of  the  company  were  represented  at  the  meeting  in 
person  or  by  proxy  :  thereupon  the  committee  reported  that 
there  were  represented  at  the  meeting,  in  person  or  by  proxy, 
6,964  shares  of  the  capital  stock,  out  of  a  total  of  7,842,  and 
the  report  of  the  committee  was  received,  and  the  meeting 
declared  duly  organized  and  ready  to  proceed  with  business. 

The  minutes  of  the  last  meeting  were  read  and  approved. 

The  Reports  of  the  President  and  of  the  General  Manager 
were  read  and  received.  The  reports  of  the  other  officers 
were  not  read,  but  as  printed  and  in  the  hands  of  the  Stock¬ 
holders  present  were  received. 

The  report  of  the  Auditing  Committee  was  read,  accepted, 
and  ordered  filed. 

The  meeting  then  proceeded  to  the  election  of  officers.  On 
motion,  duly  made  and  seconded,  Mr.  C.  S.  Gadsden  was 
unanimously  re-elected  President  for  the  ensuing  year ;  and 
on  motion  duly  made  and  seconded,  Mr.  H.  Walters  was 
unanimously  re-elected  Vice-President  for  the  ensuing  year. 
On  motion,  duly  made  and  seconded,  the  following  gentlemen 
were  unanimously  elected  a  Board  of  Directors  for  the  ensu¬ 
ing  year,  namely  :  W.  T.  Walters,  B.  F.  Newcomer,  J.  F. 
Divine,  H.  D.  Malloy,  W.  G,  Elliott,  W.  A.  Carrigan,  J.  J, 
Lucas,  and  W,  C,  Coker. 


pZ533a 


4 


;  $h:  ^notion,  duly  made  and  seconded,  Messrs.  F.  Lynch,  C. 
Kollpck  and  C.  S.  Lynch  were  re-elected  unanimously  the 
Auditing  Committee  for  the  ensuing  year. 

Mr.  W.  G.  Elliott  made  a  few  appropriate  remarks  touch¬ 
ing  the  death  of  Mr.  A.  F.  Ravenel,  late  President  of  the 
Company,  and  moved  that  the  meeting  adopt  the  resolutions 
adopted  by  the  Board  of  Directors  in  January,  1894,  substitu¬ 
ting  the  word  “  Stockholders  ”  for  “  Board  of  Directors,” 
which  motion  was  duly  seconded  and  unanimously  adopted. 
The  resolutions,  as  changed,  are  as  follows  : 

Resolved ,  That  the  Stockholders  of  this  Company  have 
received  with  sincere  regret  the  announcement  of  the  death 
of  Mr.  A.  F.  Ravenel,  the  late  President  of  this  Company. 
He  had  endeared  himself  to  each  and  every  Stockholder,  and 
in  the  discharge  of  his  duties  as  President  of  this  Company 
he  was  always  faithful  to  its  interests. 

Resolved ,  That  this  meeting  doth  extend  to  the  members 
of  his  family  surviving  him  the  assurance  of  the  deep  sympa¬ 
thy  of  each  Stockholder  present  in  their  affliction. 

Resolved ,  That  a  copy  of  these  resolutions  be  forwarded  by 
the  Secretary  to  the  family  of  the  deceased. 

On  motion,  adjourned. 

MICHAEL  JENKINS, 

W.  A.  PI  AC  II,  Chairman. 

Secretary. 


PRESIDENT’S  REPORT. 


President’s  Office,  ) 

Cheraw  and  Darlington  Railroad  Co.  > 

Charleston,  S.  C.,  Nov.  1st,  1894  ) 

To  the  Stockholders  of  the  Cheraw  &  Darlington  Railroad  Co.: 

Gentlemen — The  following  report  upon  the  Company’s 
operations,  for  the  fiscal  year,  closing  on  the  30th  June,  1894, 
is  respectfully  submitted : 

The  Gross  Receipts  have  been . $84,  264  91 

The  Operating  Expenses  and  Taxes  have  been .  72,017  01 

Balance .  $12,247  90 

In  addition,  there  has  been  received  for  inter¬ 
est  on  Cash  Balances . . $  848  69 

And  from  Steel  Rail  account,  being  balance  erf 
the  amount  appropriated  for  laying  the 
Road,  cost  of  rail  being  lower  now  than 
when  appropriation  was  made .  6,873  88 

Total . 

Balance  at  Credit,  Profit  and  Loss,  June  30, 1893 

Total . . 

Against  this  there  has  been  charged  as  follows  : 

Coupons,  interest  one  year  to  April.  1894 . $11,800  00 

Dividend  of  $1.50  per  share .  11,763  00 

Interest  on  Bills  Payable,  to  June  30,  1894 .  4,500  00 

Balance  at  Credit,  Profit  and  Loss,  June  30,  ’94, 


7,722  07 

$  19,969  97 
138,346  47 

$158,316  44 


28,063  00 
$130,253  44 


The  details  of  the  above  will  be  found  in  the  accompany¬ 
ing  reports  of  the  General  Manager  and  General  Auditor, 
herewith  submitted,  and  to  which  you  are  respectfully  referred. 
All  of  which  is  respectfully  submitted. 

C.  S.  GADSDEN, 

President. 


Balance  sheet  of  the  Cher  aw  and  Darlington  Railroad  on  June  30  th ,  189  J 


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Abstract  of  Expenses  incurred  m  Operating  the  Cher  aw  &  Darlington  Railroad ,  for  year  ending 

30tli  June ,  189 f 


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Cheraw,  S.  C.,  June  30th,  1894. 


GENERAL  MANAGER’S  REPORT. 


CLLERAAV^  AND  DARLINGTON  RAILROAD  CO. 


Wilmington,  N.  C.,  October  6th,  1894. 
H.  Walters ,  Vice-President  : 

Dear  S ik  :  I  herewith  submit  my  report  of  the  operations 
of  the  Cheraw  and  Darlington  Railroad  Company  for  the  year 
ending  June  30th,  1894  : 


The  Gross  Receipts  were  : 


From  Through  Passengers . $  3,302  30 

“  Local  Passengers .  10,935  77 

“  Through  Freight .  3,925  77 

“  Local  Freight .  60,381  13 

“  Express . * .  626  80 

“  United  States  Mail .  4,041  60 

“  Excess  Baggage .  245  29 

“  Telegraph .  614  71 

“  Miscellaneous .  191  54 


184,264  91 


The  operating  expenses  were  : 

For  Maintenance  of  Way  and  Structures. ..$22,991  99 


“  “  “  Equipment- .  9,203  71 

“  Conducting  Transportation .  31,297  68 

“  General  Expenses . .  7,363  04 


Net  Receipts 
Taxes . 


70,856  42 

$13,408  49 
1,160  59 

$12,247  90 


Percentage  of  Operating  Expenses  to  Gross  Receipts . 84  per  cent. 

Compared  with  last  year  : 

Gross  Receipts,  decreased . $13,934  35 

Operating  Expenses,  decreased .  2,023  59 

Net  Receipts,  decreased 


.$11,910  76 


11 


The  decrease  in  the  Gross  Receipts  was  largely  due  to  the 
great  business  depression  which  continued  during  the  entire 
year. 

8.95  miles  of  track  of  good  second-hand  56-lb.  steel  rail  was 
purchased  and  placed  in  the  track.  The  main  line  from 
Florence  to  Cheraw  is  now  laid  with  56-lb.  steel  rail.  The  old 
iron  rail  released  will  be  sold. 

The  equipment  consists  of  : 

1  Locomotive,  14"  x  22"  Cylinders. 

1  “  14"  x  24"  ~  “ 

1  “  16"  x  24"  “ 

3  Passenger  Coaches. 

1  Combination  Car. 

12  Box  Cars. 

13  Flat  Cars. 

3  Shanty  Cars. 

1  Caboose  Car.  * 

The  equipment,  track,  roadway,  bridges,  buildings  and 
other  structures  have  been  maintained  in  good  condition. 

Respectfully  submitted, 

J.  R.  KEJSTLY, 

General  Manager. 


3 


PROCEEDINGS 


OF  THE 


MEETING  OF  STOCKHOLDERS 


OF  THE 


HELD  ON 


NOVEMBER  21st.  1895. 


CHARLESTON,  S.  C. 

Walker,  Evans  &  Cogswell  Co.,  Printers, 

Nos.  3  and  6  Broad  and  117  East  Bay  Streets. 

1896. 


PROCEEDINGS 


OF  THE 


MEETING  OF  STOCKHOLDERS 


OF  THE 


nm  Jjlarlin^lon  jjjmlroab  I 


HELD  ON 


NOVEMBER  21st,  1895. 

i 


CHARLESTON,  S.  C. 

Walker,  Evans  &  Cogswell  Co.,  Printers, 

Nos,  3  and  5  Broad  and  117  East  Bay  Streets, 

1896. 


3?5,^- 


•  • 


1  •  •  ;  e  •  o 

•  *  .  ••  • 


OFFICERS  FOR  1895-96. 


<&f)Wavo  &©arfin$fot2  IRaitroad  Co. 


Jidministratiiro  BopartmonL 

C.  S.  GADSDEN, 

President. 

H.  WALTERS, 

Vice- President. 


Board  of  Birootors* 


B.  F.  Newcomer.  .  . 
Michael  Jenkins. 
Waldo  Newcomer. 
John  F.  Divine.  .  . 
W.  G.  Elliott 
H.  D.  Malloy 
W.  A.  Carrigan  . . 

J.  J.  Lucas . . 

W.  C.  Coker . 

J.  C.  Marshall.  .  . 


Baltimore,  Md. 

u 

u 

Wilmington,  N.  C. 

u 

Cheraw,  S.  C. 

u 

Society  Hill,  S.  C. 
Darlington,  S.  C. 
Wadesboro,  N.  C. 


C.  C.  OLNEY, 

Secretary  and  Treasurer. 


Exooutioo  UopartmonL 


J.  R.  Kenly  ....  . General  Manager. 

John  F.  Divine . General  Superintendent. 

T.  M.  Emerson . Traffic  Manager. 

W.  A.  Riach . General  Auditor. 


SMjjolte’  Hireling. 


At  the  regular  Annual  Meeting  of  the  Stockholders  of  the 
Cheraw  and  Darlington  Railroad  Company,  duly  called  and 
held  at  the  office  of  the  Company,  in  the  city  of  Florence, 
S.  C.,  on  Thursday,  the  21st  day  of  November,  1895. 

On  motion,  Maj.  J.  J.  Lucas  was  made  Chairman  of  the 
meeting,  and  Mr.  W.  G.  Elliott  requested  to  act  as  Secretary 

The  Chairman  appointed  Mr.  B.  F.  Newcomer  and  the 
Secretary  a  Committee  of  two  to  ascertain  and  report  to  the 
meeting  how  many  shares  of  the  capital  stock  of  the  Company 
were  represented  in  person  or  by  proxy.  Subsequently  the 
Committee  reported  that  there  were  represented  in  person 
and  by  proxy  at  this  meeting  7,235  shares  of  the  capital  stock. 
This  being  more  than  a  quorum  the  report  was  received,  and 
the  meeting  declared  duly  organized  and  ready  to  proceed 
with  business. 

The  minutes  of  the  last  Annual  Meeting,  and  of  the  Special 
Meeting  held  February  23rd,  1895,  were  read  and  approved. 

The  reports  of  the  President  and  Directors  and  of  the 
General  Manager  were  read  and  adopted. 

The  report  of  the  Auditing  Committee  was  read  and  re¬ 
ceived. 

The  meeting  then  went  into  the  election  of  officers. 

On  motion,  duly  made  and  seconded,  Mr.  C.  S.  Gadsden 
was  unanimously  re-elected  President  for  the  ensuing  year. 

On  motion,  duly  made  and  seconded,  the  following  gentle¬ 
men  were  unanimously  elected  the  Board  of  Directors  for  the 
ensuing  year  : 


^  ^  H  ^  W  ^ 


4 


; :  <c  Michare  ‘Jenkins  . 
Waldo  Newcomer 
John  F.  Divine.. 

.  G.  Elliott  . .  . 
D.  Malloy  . . . 

.  A.  Carrigan  .  . 

J.  Lucas . 

.  C.  Coker. 

C.  Marshall  . . 


Baltimore,  Md. 
Baltimore,  Md. 
Baltimore,  Md. 
Wilmington,  N.  C. 
Wilmington,  N.  C. 
Cheraw,  S.  C. 
Cheraw,  S.  C. 
Society  Hill,  S.  C. 
Darlington,  S.  C. 
Wadesboro,  N.  C. 


On  motion,  duly  made  and  seconded,  Messrs.  F.  Lynch,  C. 
Kollock  and  C.  S.  Lynch  were  unanimously  re-elected  the 
Auditing  Committee  for  the  ensuing  year. 

On  motion,  the  meeting  then  adjourned. 

J.  J.  LUCAS, 
Chairman. 

W.  G.  Elliott, 

Secretary. 


|)rtsibfufs  Report. 


CHERAW  &  DARLINGTON  RAILROAD  CO., 

CHARLESTON,  S.  C.,  November  1st,  1895* 

To  the  Stockholders  of  the  Cher  aw  dc  Darlington  Railroad  Co  : 

Gentlemen — The  following  report  upon  the  company’s 
operations,  for  the  fiscal  year  closing  on  30th  of  June,  1895,  is 
respectfully  submitted  : 

The  gross  receipts  have  been . $101,281  10 

The  operating  expenses  and  taxes  have  been .  67,938  36 

Balance . . . $  33,342  74 

In  addition  there  has  been  received  from  interest  balance .  846  41 

Total . $  34,189  15 

Balance  at  credit,  profit  and  loss,  June  30th,  1894 .  130,253  44 

Total . $164,442  59 

Against  this  there  has  been  charged  as  follows  : 

Interest  paid . $14,050  00 

Items  charged  out .  2,894  74  16,944  74 

Balance  at  credit,  profit  and  loss  June  30th,  1895 . $147,497  85 

The  details  of  the  above  will  be  found  in  the  accompanying 
reports  of  the  General  Manager  and  General  .Auditor,  here¬ 
with  submitted,  and  to  which  you  are  respectfully  referred. 

At  an  extra  meeting  of  the  stockholders  and  directors  of 
Cheraw  &  Darlington  R.  R.  Co.,  held  at  Florence,  S.  C.,  Feb¬ 
ruary  23rd,  1895,  it  was  decided  to  purchase  Division  “  A  ”  of 
the  Charleston  &  Northern  R.  R.,  36.7  miles  in  length,  and  ex¬ 
tending  from  Florence,  S.  C.,  to  Gibsons,  N.  C.,  for  $256,900, 
and  for  a  part  of  the  consideration  of  said  purchase  this  com¬ 
pany  has  assumed  to  pay  $250,000  of  bonds  issued  by  the 


6 


.fehatlc&ton  &  Northern  R.  R.,  and  described  and  known  as 
'  Division  t<£  A  ”  bonds,  and  will  pay  the  interest  coupons  on 
said  bonds  as  they  become  due. 

At  a  special  meeting  of  the  directors  of  the  Cheraw  & 
Darlington  R.  R.  Co.,  held  at  Florence  on  27th  of  February, 
1895,  it  was  decided  to  purchase  the  entire  stock  of  the  Harts- 
ville  R.  R.  Co.,  amounting  to  $50,000,  and  payment  made  as 
follows :  forty  $1,000  first  mortgage  5%  bonds  of  C.  &  D. 
R.  R.,  $7,900  in  stock  of  C.  &  D.  R.  R.,  and  $2,100  in  cash. 

The  President  was  authorized  to  settle  the  note  of  this  com¬ 
pany  held  by  the  North  Eastern  R.  R.  Co.,  of  S&uth  Carolina, 
for  $90,000  by  delivering  to  that  company  $90,000  in  first 
mortgage  5%  bonds  of  the  C.  &  D.  R.  R.  at  par. 

All  of  which  is  respectfully  submitted. 


C.  S.  GADSDEN, 

President. 


Statement  showing  Receipts  and  Disbursements  of  the  Gheraw  <&  Darlington  Railroad  Company, 

for  Year  ending  June  30th ,  1895. 


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CHERAW  AND  DARLINGTON  RAILROAD  CO. 


.  CHERAW,  S.  c.r  October  1st,  1895. 

Mr.  II.  Walters ,  Vice-President. 

Sir  :  I  herewith  submit  my  report  of  the  operation 
of  the  Cheraw  and  Darlington  Railroad  for  the  year  ending 
June  30th,  1895  : 


Gross  receipts  : 

Through  passengers . $  3,230  77 

Local  passengers .  11,618  18 

Through  freight .  6,136  54 

Local  freight .  73,009  16 

Express . 579  02 

Mail .  5,082  88 

Excess  baggage.- .  277  05 

Telegraph .  839  67 

Miscellaneous .  507  83 


Operating  expenses  : 

Maintenance  of  way  and  structures . $23,252  51 

Maintenance  of  equipment .  5,839  17 

Conducting  transportation .  32,603  51 

General  expenses .  5,107  24 


Net  receipts 
Taxes . . 


$101,281  10 


66,802  43 

$34,478  67 
1,135  93 


$33,342  74 

Percentage  of  operating  expenses  to  gross  receipts . 66  per  cent. 


The  business  depression  of  last  year  continued  throughout 
the  greater  part  of  this  year.  The  low  price  of  cotton  largely 
restricted  the  shipment  of  fertilizers. 


12 


On  October  11th,  1894,  the  depot  building  at  Hartsville  was 
entirely  destroyed  by  tire.  A  standard  second  class  depot  was 
erected  in  its  place  and  charged  to  operating  expenses. 


Cost . $1,356  67 

Less  insurance  on  old  building .  1,000  00 

Net  cost . . . . $  356  67 


Material  used  : 

29,298  cross  ties. 

182,474  square  feet  lumber. 

0.071  of  a  mile  of  new  side  track  was  constructed. 

The  equipment  consists  of : 

1  locomotive,  14"  x  22"  cylinders. 

2  “  14"  x  24"  “ 

1  “  16"  x  24" 

4  “ 

1  combination  mail  and  express  car. 

4  passenger  cars. 

5 

12  box  cars. 

15  flat  cars. 

2  caboose  cars. 

3  shanty  cars. 

32 

The  equipment,  track,  roadway,  bridges,  buildings  and 
other  structures  have  been  maintained  in  good  order. 

Respectfully  submitted, 

'  J.  R.  KERRY, 

General  Manager . 


Respectfully  referred  to  the  President. 

H.  WALTERS, 

Vice-President 


UNIVERSITY  OF  ILLINOIS  -  URBAN  A 


